If you are thinking of building a new home, you may be surprised at the many options available. You can purchase a completed house that was built on speculation by a builder or order a tract home that will be built to the builder's specifications on a builder-owned lot in a subdivision. You can also purchase a lot and then engage a contractor to build a home on it. Another option is to purchase a land-home package from a builder.
Buying a land-home package from a builder has several advantages over the other examples. Although many people are happy with a cookie-cutter house in a planned subdivision, many people want a lot in a more established neighborhood, or they want a lot in a more rural setting. Some builders do occasionally build homes in established neighborhoods on speculation, meaning they build them without a specific buyer in mind and find a buyer after construction is complete. However, even if you do find one, unless construction is not yet complete, you may have no say at all regarding floor plans, materials or even color schemes.
Traditionally, if a homebuyer wanted to have a home built on a lot in an established neighborhood or in a rural area, the homebuyer had little choice but to purchase the lot first, then hire a builder to build the home to the buyer's specifications. Although this can result in a very nice home on a very nice lot, there are some potential drawbacks to this scenario.
Although you or your contractor are required to obtain all necessary permits and to make sure the lot has access to all utilities and can be safely built on, sometimes errors occur. Homes have been completed before anyone realized that no public sewer connection existed and local regulations required a larger lot in order for a home waste-treatment system to be installed. Homes have been ทาวน์เฮ้าส์มือสอง ราคาถูก built on land that was unable to support a house.
Even if the home is completed with all the necessary permits in order and there are no problems with the land, your home cannot legally be occupied until an occupancy permit is issued. If the inspector finds a problem and the permit cannot be issued, you may be left with a home that cannot be occupied. If this happens, your lender may refuse to convert your construction loan to a mortgage. When you own the land the home is built upon, you cannot refuse to take ownership. Your only recourse may be a lawsuit with an uncertain outcome.
With a land-home package, the land and home, along with much of the responsibility, belong to the seller. Your builder will find the lot, make sure it is suitable for building, and secure all the permits. The sale will not close, and you will have no loan until the home is approved for occupancy and you know you have a home waiting for you.
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